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Foundation Annual Report ANNUAL REPORT 2016-17 TABLE OF CONTENTS 3 MESSAGE FROM OUR LEADERS 10 ALLIES IN CHILD HEALTH 18 BY THE NUMBERS 4 FOUNDATION FINANCIALS 12 OPERATION UPGRADE 20 BOARD MEMBERS 6 HOSPITAL FINANCIALS 14 BUILDING A NEW SICKKIDS 22 CATALYST DONORS 8 A HEART THAT REPAIRS ITSELF 16 UNRESTRICTED GIVING 23 OUR DONORS 2 | ANNUAL REPORT 2016-17 MESSAGE FROM OUR LEADERS SickKids has always been on the front lines in the fight for child health. This year was no different. Thanks to the dedication of our people and the support of government, our community, and our partners, SickKids continued to advance paediatric care. But the future presents new challenges. Unprecedented change is happening across health care. Medicine today is advancing faster than ever. At the same time, we’re caring for more children with complex medical issues and facing huge demands on our system. As a leader, SickKids has great capacity, and even greater potential, to shape the future of child health. As you will read in this Annual Report, driving breakthrough research in heart surgery; partnering with other institutions to deliver better care; and re-imagining our operating suites are just a few of the ways we are seeking to overcome current limitations so we can unleash our full potential. Before us is a once-in-a-lifetime opportunity to re-imagine SickKids and transform child health – to reduce preventable harm by prioritizing patient safety; to deliver more coordinated care by working with our partners and implementing a new electronic health information system; and to build a campus that will be adaptable to new care-delivery models, technologies, diseases and patient populations. To realize our vision for the future of child health, we’re also embarking on the largest hospital fundraising campaign in Canadian health-care history. At this time of tremendous change, we need our community to come together so we can shatter limits. Last fall, we launched a new brand platform – SickKids VS The Greatest Challenges in Child Health – to inspire and expand our community. It represents a bold shift in tone, highlighting the ‘fight’ that occurs at the Hospital each day. The overwhelming response helped deliver our most successful fundraising year ever. For the work ahead we draw tremendous strength from our people, our community, and our partners – together we have built one of the world’s great paediatric hospitals. Every year, we have overcome limitations to advance our vision. And with all of you standing with us, we’ll do it again. Ted Garrard, CEO, Kathleen Taylor, Chair, Dr. Michael Apkon, Rose M. Patten, SickKids Foundation SickKids Foundation President and CEO, Chair, SickKids From left: Dr. Michael Apkon, Rose M. Patten, Kathleen Taylor, Ted Garrard Board of Directors SickKids Board of Trustees ANNUAL REPORT 2016-17 | 3 FOUNDATION FINANCIALS Financial highlights for the year ending March 31, 2017 SickKids Foundation is committed to the highest standards of accountability To view the audited financial statements, please visit: and transparency. We were among the first nationally accredited charities sickkidsfoundation.com/annualreport under Imagine Canada’s Standards Program. Gross fundraising program revenue and net lottery revenue $140.3 million Total grants and charitable activity $105.0 million Fundraising and administrative expenses $44.6 million SOURCES OF REVENUE (IN MILLIONS) 2% 1% Events $18.4 TOTAL ASSETS (IN MILLIONS) FUNDRAISING REVENUE (IN MILLIONS) 12% 13% Corporate Partnerships $27.5 Direct Marketing $32.1 $1,2001200 $150150 20% Individual Giving $42.7 $1,0001000 31% Gifts and Estate Planning $16 $120120 Net Lottery $2.1 800 23% $800 Net Parking $1.5 $9090 $600600 $6060 $400400 INVESTMENTS IN CHILD HEALTH (IN MILLIONS) $3030 $200200 3% Research $74.8 7% 0 Patient Care $14.1 $00 $0 5% 08 09 10 11 12 13 14 15 16 17 08 09 10 11 12 13 14 15 16 17 Education $5.6 FISCAL YEAR FISCAL YEAR 13% International $3 National and Other $7.5 71% 4 | ANNUAL REPORT 2016-17 FOUNDATION FINANCIALS Report on investments for the year ending March 31, 2017 Endowment funds at SickKids Foundation provide an important base of funding for child health initiatives at SickKids. Total value of endowment fund $1,013 million Rate of return for the year 11.1 per cent INVESTMENT RETURNS 1 3 5 10 Since Year Years Years Years Inception* Annualized Rate of Return 11.1% 8.0% 9.1% 8.6% 10.6% Percentile Ranking** Top 65% Top 42% Top 57% Top 3% Top 1% *Inception date: March 31, 1995 **Versus the RBC Investor Services Endowment and Foundation plans universe Investment management and philosophy The SickKids Foundation Board of Directors manages endowed funds with assistance from the Board’s Investment Committee using a long-term, value-oriented investment philosophy. The Investment Committee monitors the performance of the Investment Managers. The goal is to attain an average annual real total return (net of investment managers’ fees, after Consumer Price Index) of at least five per cent over a five-year period, and also to be in the top 25 per cent of the RBC Investor Services survey. INVESTMENT ASSET MIX ENDOWMENT OUTPACES INFLATION INVESTMENT ASSET GROWTH (IN MILLIONS) SUMMARY SINCE 1995 (IN MILLIONS) 1200000$1,200 Short-term 1000000$1,000 Bonds Opening Market Value, March 31, 1995 148 29% Canadian Equity 32% 800000$800 Net Contribution (Withdrawal) (61) U.S. Equity Investment returns, Realized gains, 600000$600 International Equity and Unrealized appreciation 1,075 Global Equity 10% 400000$400 Cumulative Return from Investments 1,075 12% $200 Ending Market Value, March 31, 2017 1,162 12% 5% 200000 $0 0 08 09 10 11 12 13 14 15 16 17 Growth in excess of inflation Endowment balance inflated by CPI ANNUAL REPORT 2016-17 | 5 HOSPITAL FINANCIALS The Hospital continues to maintain its financial health. Excess of revenues Financial highlights for the year ending March 31, 2017 over expenses contributes positively to the Hospital’s net assets, which are then reserved for specific purposes or reinvested into operations and SickKids is committed to operational efficiency, transparency and capital investments aligned with the Hospital’s strategic priorities. accountability. We support evidence-based decisions to enhance our financial health, conduct business under the principle of fiscal prudence, To view the audited financial statements, please visit: and act with integrity and good judgment when allocating resources. sickkidsannualreport.ca REVENUES AND INVESTMENT INCOME EXPENSES ($977.2 MILLION) ($966.0 MILLION) 3% 3% 3% 1% Ministry of Health and Long-Term Care Compensation External Research Funding 5% 4% Other Operating 6% SickKids Foundation 8% Clinical Supplies and Drugs Commercial Ventures Depreciation 10% 9% Patient Care 61% Administrative and General 64% Amortization Cost of Goods Sold 12% 11% Investment Income Interest 2016-17 PATIENT CARE TOTAL REVENUES AND EXPENSES REVENUES EXPENSES ($683.9 MILLION) ($687.0 MILLION) 3% Ministry of Health and Long-Term Care 2% Compensation 8% Fee-for-Service 8% Clinical Supplies and Drugs Other 9% Other Operating Depreciation 9% Administrative and General 72% 89% 6 | ANNUAL REPORT 2016-17 HOSPITAL FINANCIALS 2016-17 RESEARCH INSTITUTE TOTAL REVENUES AND EXPENSES SOURCES OF RESEARCH INSTITUTE FUNDING Research Grants and Awards Sources TOTAL RESEARCH INSTITUTE EXPENDITURE ($212.4 MILLION) over $1.0M ($230.8 MILLION) 4% 2% $31.0M Canadian Institutes of Health Research External Grant Funded $14.7M Miscellaneous Costs Research Grants and Awards $13.5M Canada Foundation for Innovation $12.6M Genome Canada 31% Internal Costs SickKids Foundation $9.8M Ontario Ministry of Research, Indirect Cost Recoveries Innovation and Science 34% $8.0M National Institutes of Health Technology and Licensing Income $6.3M Canada Research Chairs Secretariat – 69% 60% Federal Indirect Cost Program $3.5M Canada Research Chairs Secretariat – CRC Program $3.5M Bill & Melinda Gates Foundation $2.5M Brain Canada Foundation $2.4M Natural Sciences and Engineering Research Council of Canada TOTAL RESEARCH INTERNAL EXPENDITURE $2.1M Ontario Brain Institute $2.0M The Terry Fox Research Institute $1.6M Canadian Cancer Society Scientist Salaries $1.5M Ontario Student Opportunity Trust Fund 15% 17% PGCRL Operations $1.4M Ontario Institute for Cancer Research $1.2M Cystic Fibrosis Foundation 5% Interest Expense Therapeutics Inc. $1.2M Luminex Molecular Diagnostics 18% Research Operations $1.1M JDRF Canadian Clinical Trial Network 12% Scientific Support $1.0M University of Michigan Start-ups and Bridge Funding 9% 14% 10% Building and Core Infrastructure Depreciation 2016-17 INVESTMENT PERFORMANCE HOSPITAL INVESTMENTS INVESTMENT INCOME ($433.0 MILLION) ($ MILLIONS)* Pension Assets 12/13 14.3 Debenture Retirement 13/14 8.0 Donor Endowment 14/15 25.5 36% 51% Unrestricted Investments 15/16 11.4 16/17 23.9 5% 00 55 1010 1515 2020 2525 3030 8% * Investment income and realized gains only ANNUAL REPORT 2016-17 | 7 A HEART THAT REPAIRS ITSELF WITH THE SUPPORT OF GENEROUS DONORS, SICKKIDS RESEARCHERS ARE CHASING THE NEXT BREAKTHROUGH IN CARDIAC SURGERY 8 | ANNUAL REPORT 2016-17 hat is your favourite part of me?” six- own valve replacement through the power of surgeries in Ontario. The Labatt Family Innovation “Wyear-old William del Moral often asks regenerative medicine. Fund was created a decade ago to spur scientific his parents. “I love my heart the most! I love it research. It helped fund the early stages of because it gives me life and because it’s so funky!” That’s why Dr. Caldarone is leading the pulmonary Dr. Caldarone’s pulmonary valve investigation. heart valve regeneration project to explore William knows all too well about “funky” hearts. At creating a living valve that renews itself continually William’s parents, Joseph and Penny, credit only 20 weeks gestation, an ultrasound indicated and can grow with the child, using stem cells SickKids for compassionate, attentive, and that he had five major structural congenital heart harvested at birth.
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